Fintech Saudi’s Fintech Accelerator program concludes with 12 Fintech startups
Under the protection of the Governor i Saudi Central Bank (SAMA), Dr. Fahad Almubarak and the chairman i The Capital Markets Authority (CMA), Mohammed ElKuwaizthe closing ceremony to Fintech Saudiits second cohort of the Fintech Accelerator ended on 26 July.
The 12 fintech companies from the fintech accelerator program presented their solutions, backed by months of hard work, which contributed to the outcome of their product strategies and business models; acquire competence and knowledge from international and local experts in the field
Visitors were welcomed by Elkuwaiz’s confirmation of SAMA and CMA’s support and were entertained by Almubarak’s opening speech.
In it, Almubarak shared how fintech’s role was to support the wider economy, saying: “We seek at SAMA … to develop the fintech sector under the ambitious national strategy issued by the Crown Prince … and under the Financial Sector Development Program (FSDP) ); one of the Saudi Vision 2030 programs.”
Acknowledging the significant number of venture capital investment deals to take place within the Saudi fintech industry, Elkuwaiz emphasizes how the right regulatory frameworks and technologies can “take the financial industry to new heights, stimulate investment, promote economic development and empower entrepreneurs.”
Nezar Al Haidarthe Acting Director of Fintech Saudi, noted that due to SAMA and CMA’s unlimited support, the Kingdom has emerged as a hub for innovation and growth in the fintech industry.
He emphasized that the program was successful in supporting entrepreneurs to move forward with the development of their innovative fintech solutions, faster than they would have been able to otherwise, and stated that the second cohort, consisting of 12 fintech companies, is a extending the achievements of the first fintech accelerator program in 2021.
During the ceremony, Saudi Aramco Entrepreneurship Center (Wa’ed)a supporting partner of the fintech accelerator program, offered the three winning fintech startups a financial grant of SAR 50,000 ($13,312) each, along with an opportunity to enroll in of the centre business incubation program presented, to guide the companies when they want to increase risk investments while expanding their business.
The center was founded to accelerate the growth of leading companies in the Kingdom by investing in high-growth sectors such as fintech, as a way of supporting the promotion of the local entrepreneurial ecosystem.
The program’s demo day included an exhibition area for fintech companies participating in the first and second cohorts of the program.
In the exhibition area, 21 fintech companies showcased their products and solutions to investors, banks, potential partners, other key stakeholders in the entrepreneurship ecosystem and members of the fintech community.
